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Report No. : |
335786 |
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Report Date : |
13.08.2015 |
IDENTIFICATION DETAILS
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Name : |
BUSHARA AL KHAIR
LLC |
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|
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Registered Office : |
Al Ghoubra,
Muttrah, PO Box: 772, Jibroo 114, Muscat |
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Country : |
Oman |
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Date of Incorporation : |
01.06.1998 |
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Com. Reg. No.: |
1603213 |
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Legal Form : |
Limited Liability Company – LLC |
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|
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Line of Business : |
Importers and Retailers
of Textiles and Readymade Garments. |
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No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
OMAN - ECONOMIC
OVERVIEW
Oman is heavily dependent on dwindling oil resources, which generates
77% of government revenue. It is using enhanced oil recovery techniques to
boost production. Muscat has actively pursued a development plan that focuses
on diversification, industrialization, and privatization, with the objective of
reducing the oil sector's contribution to GDP from 46% to 9% by 2020. Muscat
also is focused on creating more jobs to employ the rising numbers of Omanis
entering the workforce. Tourism and gas-based industries are key components of
the government's diversification strategy. However, increases in social welfare
benefits, particularly since the Arab Spring, have challenged the government's
ability to effectively balance its budget as oil prices decline. Despite
government acknowledgement that Oman’s expansive social welfare benefits are
unsustainable, Oman authorities are comfortable with short-term budget deficits
and have approved an expansionary 2015 budget. Concurrently, Oman has expanded
efforts to support the development of small and medium-size enterprises and entrepreneurship.
Government agencies and large oligarchic group companies have announced new
initiatives to spin off non-essential functions to entrepreneurs, incubate new
businesses, train and mentor up and coming business people, and provide
financing for start-ups.
|
Source
: CIA |
Company Name : BUSHARA AL
KHAIR LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 1st
June 1998
Commercial
Registration Number : 1603213
Issued Capital : RO 100,000
Paid up Capital : RO
100,000
Total Workforce : 200
Activities :
Importers and retailers of textiles and readymade garments
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Sudesh Freeraj,
Finance Manager
BUSHARA AL KHAIR
LLC
Location : Al Ghoubra, Muttrah
PO Box : 772, Jibroo 114
Town : Muscat
Country : Oman
Telephone : (968) 24712841 / 24495184 / 25411727
/ 24595184 / 24712841
Facsimile : (968) 24712228 / 24495183
Email : bushara@omantel.net.om
Subject operates
from a medium sized suite of offices and a showroom that are rented and located
in the Central Business Area of Muscat.
Branch Office
(s)
Subject operates 11 branches located throughout Oman.
Name Position
·
Ashfaque
Abdulqadir Managing
Director
·
Sudesh
Freeraj Finance
Manager
Date of Establishment : 1st
June 1998
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1603213
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
·
Ashfaque
Abdulqadir
·
Members
of Mr Ashfaque Abdulqadir's family
·
Global
Chance LLC
Muscat
Oman
Activities: Engaged as importers and retailers of
textiles and readymade garments.
Import
Countries: India
Subject has a
workforce of approximately 200 employees.
Companies registered
in Oman are not legally required to make their accounts public and no financial
information was released by the company or submitted by outside sources.
·
HSBC
Bank Middle East
Mutrah Business District
PO Box: 240, Ruwi 112
Muscat
Tel: (968) 24700810 / 24799920 / 24799927
Fax: (968) 24704241
·
Bank
Muscat SAOG
1073, Muttrah Commercial District
Greater Muttrah
PO Box: 3134, Ruwi
Muscat 112
Tel: (968) 24703044 / 24703137
/ 24707015
Fax: (968) 24793536
·
Habib
Bank
Mutrah
Business District
PO Box: 1326, Ruwi 112
Muscat
Tel: (968) 24795280
Fax: (968) 24795283
No complaints
regarding subject’s payments have been reported.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.83 |
|
|
1 |
Rs.101.00 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
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This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.